6 Benefits of Real-time Inventory Management for SMEs

Imagine, you are sipping your evening cup of coffee, your business is doing well- you have everything under control. You have successfully incorporated that e-commerce functionality with your existing website and currently using the backend to access all your customer data. With manual data entry sending stock statements to warehouses via email – it is all working out for you. Suddenly, it is festival season and there’s a huge surge in orders. You are horrifically understaffed because of the festival and one of your employees takes this opportunity to point out that “ Product X” is out of stock. With a heavy heart, you have to notify your customers ” We are very sorry for the inconvenience – you may experience a delay in your shipment” but the festival is gone, customers are infuriated and you are left with a lost opportunity. If only you had taken action on the inventory management software before…

This situation may sound a bit too familiar for small businesses. Inventory management if not done properly can drag a business down to its ruins. The increasing consumer demand for faster shipping, the changing and ever-fickle consumer mind calls for a real-time inventory management system that keeps your business VISIBLE 24*7.

It is said that 30% of online shoppers switch to a competitor’s site if the product is not available at their preferred site. Hence full control of inventory is inevitable for a smooth customer experience.  

Here are 6 pointers on the benefits of a real-time Inventory Management system :

  1. Track all movements of every piece of your stock through IMEI No / Serial No. Track every movement of a product from store to store, warehouse to warehouse, and production floor to the production floor.
  2. Eliminate dead stocks.
  3. Calculate and evaluate your Cost of Goods Sold (COGS) and, ultimately, your profitability real-time with FIFO, LIFO, and WAC. In some inventory management systems, you can track item-wise profitability.
  4. Manage multiple sales and purchase price lists by customer/vendor and automate your inventory movement for rates.
  5. Say goodbye to fluctuating inventory levels and manual stock statements.
  6. Forecast consumer demands and plan your supply accordingly.

Usually, Inventory management is a part of an ERP but it is also available standalone. Be ahead of your competitors and never lose control and visibility of your business with a real-time inventory management solution.

A cloud solution is a better alternative than an on-premise solution for small businesses as you get the maximum value for a much lesser investment.

Want to talk to us about your streamlining your inventory and getting that control back?

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